Regulation, valuation and systemic liquidity.

It is a commonly held view that International Financial Reporting Standards (IFRSs), adopted by the European Union in 2005 and by other jurisdictions, compounded the recent fi nancial crisis. Application of the IAS 39 rule that governs loan-loss provisions and extends mark-to-market valuation of assets meant that when credit prices fell sharply in 2007 and assets were revalued using the new lower prices, it triggered a need for institutions to raise capital by selling assets, which pushed prices down further, causing more revaluations and more selling in a vicious circle. Mark-to-market volatility added to this unstable dynamic by keeping new buyers away. Fair value accounting rules are pro-cyclical and can contribute to the systemic disappearance of liquidity.1 The price of assets if they were to be sold immediately fell substantially below the price of the same assets if they were to be held to maturity or for some time period beyond the crisis. This liquidity premium was no longer a fraction of a percentage point, but tens of percentage points. A number of observers have concluded that mark-to-market accounting should be suspended during a crisis. On its own, I believe this initiative would further weaken incentives for responsible lending in the good times. Nor would it solve the problem in bad times. The pro-cyclical use of market prices is not the preserve of accounting standards –it also lies at the heart of modern financial regulation. Financial crashes are not random. They always follow booms. Offering forbearance from mark-to-market accounting or other rules during a crisis, yet using these rules at other times, such as during the preceding boom, would promote excessive lending and leverage in the good times. This asymmetry would contribute to more frequent and severe crashes. Second, crises are a time where a rumour becomes a self-fulfilling prophesy, as panic and fear spread. It is, arguably, not the time to generate a rise in uncertainty by changing accounting standards. There is room for a revision to the application of mark-to-market rules, but not a revision based on relying on the messenger’s every last word in good times and shooting him in the bad times. But the mechanisms that lead market participants to greet price declines with sell orders have not all to do with value accounting. Current prices, including spot and forward prices, play an important role in the market risk and credit risk management systems approved by financial regulators. Risk limits and sell orders are triggered in response to a rise in price volatility and/or a fall in price. The very philosophy of current banking regulation –risk sensitivity– is about incorporating market prices into the assessment and response to risk. It should be no surprise that if prices, both prices for current and future delivery, are pro-cyclical, then placing an increasing emphasis on price in the management and regulation of risk, will lead us to systemic collapse. This article examines the role of valuation and systemic liquidity and argues that an approach to how we apply mark-to-market accounting and market prices or risk that is driven more by an economic view can improve the systemic resilience of the fi nancial system.

Control Infrastructure for a Pulsed Ion Accelerator

We report on updates to the accelerator controls for the Neutralized Drift Compression Experiment II, a pulsed induction-type accelerator for heavy ions. The control infrastructure is built around a LabVIEW interface combined with an Apache Cassandra backend for data archiving. Recent upgrades added the storing and retrieving of device settings into the database, as well as ZeroMQ as a message broker that replaces LabVIEW's shared variables. Converting to ZeroMQ also allows easy access via other programming languages, such as Python

Diet Management for Adult Onset Diabetes Mellitus Type 2

In Southbury, Connecticut, diabetic diet management is an issue that perturbs both primary care providers and their patients. This project seeks to ameliorate the lack of readily available resources for diabetic dietary considerations. A brochure was made including helpful dietary information for patients that are unable or unwilling to see a Certified Diabetic Educator. As the incidence of diabetes continues to rise, patient education will be a powerful tool to help patients manage their diabetic care.https://scholarworks.uvm.edu/fmclerk/1424/thumbnail.jp

Knowledge of Clinical Measures and Healthcare Adherence In Young Gay and Bisexual Men Living with HIV/AIDS

Knowledge of HIV/AIDS test results and adherence to healthcare interventions are two important outcomes that reflect proper HIV/AIDS management. This study aimed to determine which demographic and HIV acceptance measures were significantly associated with health literacy and adherence indicators in young MSM. 200 HIV/AIDS positive young MSM completed computer based surveys regarding demographics, HIV/AIDS health literacy indicators, and HIV/AIDS acceptance measures. It was found that young African American MSM, in comparison to young white MSM, had lower odds of knowing both viral load and CD4 measures; health literacy indicators. Further, participants who had a high school diploma were found to have increased odds of knowing both their CD4 and viral load measures in comparison to those young MSM participants who had not obtained a high school diploma. Further research should examine the factors associated with the lack of health literacy reported by young African American MSM

Detection of low energy single ion impacts in micron scale transistors at room temperature

We report the detection of single ion impacts through monitoring of changes in the source-drain currents of field effect transistors (FET) at room temperature. Implant apertures are formed in the interlayer dielectrics and gate electrodes of planar, micro-scale FETs by electron beam assisted etching. FET currents increase due to the generation of positively charged defects in gate oxides when ions (121Sb12+, 14+, Xe6+; 50 to 70 keV) impinge into channel regions. Implant damage is repaired by rapid thermal annealing, enabling iterative cycles of device doping and electrical characterization for development of single atom devices and studies of dopant fluctuation effects

Reliability of delivered dialysate sodium concentration

BACKGROUND: The results of studies investigating the effects of hyponatraemic dialysates have been mixed, with some reporting positive effects including reduction in blood pressure and inter-dialytic weight gains, whereas others have not been able to demonstrate any effect. These studies assume that setting a lower dialysate sodium results in the delivery of a hyponatraemic dialysate. We therefore measured delivered sodium to determine reliability. METHODS: We measured dialysate sodium in 10 BBraun Dialog+® and 6 Fresenius 4008H dialysis machines, which had been set up to deliver a sodium of 136 mmol/L, using flame photometry and indirect ion selective electrode (ISE) methods. RESULTS: Dialysate conductivity was 13.85 ± 0.05 mS/cm, but dialysate sodium measured by flame photometry was 141.8 ± 2.9 mmol/L, and 142.5 ± 2.4 mmol/L by ISE. Both dialysis machines delivered a dialysate sodium in excess of the 136 mmol/L set, with a mean bias of 7.0 ±2.1 mmol/L for the Dialog+®, and 3.7 ± 2.6 for the 4008 with the flame photometer method, and a mean bias of 6.3 ± 1.3 mmol/L for the Dialog+®, and 6.8 ± 3.7 for the 4008 by ISE. CONCLUSION: It is assumed when setting a dialysate sodium concentration that this sodium concentration is delivered. However we found that the dialysate sodium concentration delivered was greater than that set, despite the dialysis machines reporting a conductivity measurement in keeping with a lower sodium dialysate. Trials of lowered dialysate sodium therefore need to measure dialysate sodium concentrations to ensure what has been set is delivered

Need for Nurse Practitioner Fellowships in Ophthalmology in the USA

Medical attention to vision impairment and associated eye care complications are a vital component of daily living and overall well-being. In the United States today, the physician to patient deficit places great strain on the availability of medical attention tenable to patients nationwide; in terms of specialty medicine, this deficit is even more widespread. The field of ophthalmology faced the same physician to patient deficit in 2020, a grim reality that has left many states void of ophthalmic care, rending millions of aging individuals without domestic eye care. The implementation of trained, ophthalmic nurse practitioners (NPs) can fill the needs of this deficit; however, efficient, accredited, and board-approved American ophthalmic fellowships and residencies that secure proper ophthalmic NP transitions from academia to clinical practice are nonexistent. Though scant, evidence-based literature presents sound findings that support the efficacy and benefit for superior patient outcomes with care provided by ophthalmictrained NPs, offering a viable, long-term solution to the need for ophthalmic medical providers across all states without mitigating patient care, emphasizing the great need for the implementation of ophthalmic NP residencies and fellowships to ensure the continuity of impeccable ophthalmic care for all populations

Processing Issues in Top-Down Approaches to Quantum Computer Development in Silicon

We describe critical processing issues in our development of single atom devices for solid-state quantum information processing. Integration of single 31P atoms with control gates and single electron transistor (SET) readout structures is addressed in a silicon-based approach. Results on electrical activation of low energy (15 keV) P implants in silicon show a strong dose effect on the electrical activation fractions. We identify dopant segregation to the SiO2/Si interface during rapid thermal annealing as a dopant loss channel and discuss measures of minimizing it. Silicon nanowire SET pairs with nanowire width of 10 to 20 nm are formed by electron beam lithography in SOI. We present first results from Coulomb blockade experiments and discuss issues of control gate integration for sub-40nm gate pitch levels

Absolute calibration of GafChromic film for very high flux laser driven ion beams.

We report on the calibration of GafChromic HD-v2 radiochromic film in the extremely high dose regime up to 100 kGy together with very high dose rates up to 7 × 1011 Gy/s. The absolute calibration was done with nanosecond ion bunches at the Neutralized Drift Compression Experiment II particle accelerator at Lawrence Berkeley National Laboratory (LBNL) and covers a broad dose dynamic range over three orders of magnitude. We then applied the resulting calibration curve to calibrate a laser driven ion experiment performed on the BELLA petawatt laser facility at LBNL. Here, we reconstructed the spatial and energy resolved distributions of the laser-accelerated proton beams. The resulting proton distribution is in fair agreement with the spectrum that was measured with a Thomson spectrometer in combination with a microchannel plate detector